Washington D.C — Trump and Republicans in Congress are attacking the Federal Reserve – a critical independent institution tasked with fighting inflation – by attempting to fire Federal Reserve Governor Lisa Cook, a move that experts say threatens to destabilize the U.S. economy and further raise costs for working-class Americans. This comes as Republicans’ tariffs are already raising prices on everyday goods like groceries, more Americans are relying on unemployment insurance, and the Republican Tax Law jeopardizes affordable health care coverage, food, and electricity for millions.
From HuffPost:
If Trump succeeds in removing Cook from the board, it could erode the Fed’s political independence, which is considered critical to its ability to fight inflation because it enables it to take unpopular steps like raising interest rates. If bond investors start to lose faith that the Fed will be able to control inflation, they will demand higher rates to own bonds, pushing up borrowing costs for mortgages, car loans and business loans.
“The President’s move to fire a sitting Federal Reserve Governor is part of a concerted effort to transform the financial regulators from independent watchdogs into hapless lapdogs that do as they’re told. This could have real consequences for Americans feeling the squeeze from higher prices,” said Rohit Chopra, former Director of the Consumer Financial Protection Bureau and Commissioner of the U.S. Federal Trade Commission.
“Republicans’ tariffs have already raised costs on working-class Americans. Now, their political games could drive up inflation even further and make it that much harder for families to make ends meet,” said Unrig Our Economy Campaign Director Leor Tal. “From passing their pro-billionaire tax law to implementing cost-raising tariffs to messing with the Federal Reserve, Republicans in Congress have shown that they have one goal – put the millionaires and billionaires first and working-class families last. We need our members of Congress to fight to lower costs, not continue to raise them.”
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.